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Saudi Arabia produces 4,000 tons of papaya as part of self-sufficiency efforts
Saudi Arabia is on course to becoming self-sufficient in papaya, with the production of the tropical fruit increasing to 4,717 tons annually, as the Kingdom pushes to raise the rate of cultivation as part of achieving food security under…
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In Q1 of 2023, Abu Dhabi accounted for 14% of global IPOs
Abu Dhabi has accounted for 14 per cent of all initial public offerings worldwide in the first quarter of 2023, an indication of the strength of its capital markets amid a challenging global IPO market, a new study has found.
The UAE…
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Kingdom’s hotel sector expected to grow , and have 310,000 hotel rooms by 2030
By all accounts, it is a boom time for the hospitality industry in Saudi Arabia.
The latest data from hotel industry monitoring firm STR shows the Kingdom leads the Middle East and Africa’s hotel building activity, with 42,033 hotel…
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Saudi Arabia’s Q1 growth of 3.9% was led by non-oil activities
Saudi Arabia’s real gross domestic product grew by 3.9 percent year-on-year in the first quarter of 2023 as non-oil activities picked up pace, disclosed the General Authority for Statistics in its latest report.
The Kingdom’s non-oil…
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Saudi banking system to underpin Islamic finance market growth: S&P Global Ratings
The Islamic finance industry is forecast to grow in 2023-2024 thanks to Saudi Arabia’s strong banking system, according to a new report from S&P Global Ratings.
The US-based agency expects around 10 percent growth across the industry…
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Japan’s automakers have a made-in-China sales crisis
Japan’s automakers are facing a sales crisis in China, data shows, as a rapid shift to electric vehicles (EVs) has upended the world’s largest auto market and led to a plunge in purchases of gasoline-powered cars.
Total sales of Japanese…
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Another US rate hike affected global stock markets
European shares fell on Thursday as investors digested mixed signals from the US Federal Reserve on its interest rate path while awaiting the European Central Bank’s rate decision later in the day.
The pan-European STOXX 600 index…
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US Fed raises rates and hints potential pause in tightening cycle
Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from recent bank failures, wait on the resolution of a political…
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SAMA raises interest rates following US Fed’s move
Saudi Central Bank, also known as SAMA, has raised its main interest rate by 25 basis points in line with the US Federal Reserve as it seeks to try to counter inflation.
The bank raised its repurchase agreement rate by 25 bps to 5.75…
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Saudi PMI hits 59.6 in April as non-oil business activities improve
Saudi Arabia’s overall non-oil business activities witnessed an improvement in April, as strong domestic demand triggered an increase in new orders at the fastest rate since September 2014, an economy tracker revealed.
The latest Riyad…
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